Do Kwon and other Terra employees had their passports revoked as a result of a request from South Korean prosecutors despite the fact that Singapore, where their headquarters are located, does not have an extradition pact with South Korea.
Do Kwon, the creator of a $60 billion cryptocurrency wipeout, may receive an Interpol red notice as a result of his attempts to elude justice for a meltdown that roiled digital assets, according to South Korean authorities.
When questioned on Monday about whether it had requested Interpol’s intervention, the prosecutor’s office responded, “We are in the process of it.” A red notice requests the aid of all law enforcement agencies in the world to conduct an arrest.
Kwon had relocated from South Korea to Singapore, the base of his now-defunct Terraform Labs enterprise, although the city-state claims he has left. The whereabouts of Kwon are unknown, and he maintains his innocence despite Seoul prosecutors’ requests for his arrest over claims that he broke laws governing capital markets.
Since he left for Singapore, there has been “circumstantial evidence of escape,” according to the prosecutor’s office, which is why an arrest order was initially issued.
Huge losses were caused by the collapse of the TerraUSD algorithmic stablecoin and its sibling token Luna in the cryptocurrency markets, which were already in turmoil due to the US tightening monetary policy. Regulators are studying the devastation to figure out how to prevent a repeat as digital assets have not yet recovered. An initial enthusiasm for cryptocurrency in South Korea is being replaced by a rising disdain.
Although Kwon, 31, didn’t give away his whereabouts, Todayincrypto reported over the weekend that his team is not on the run and will work with any government that seeks communication.
However, according to prosecutors quoted by the Yonhap News Agency, Kwon is not cooperating with investigations and has informed investigators via an attorney that he has no intention of showing up for questioning.
Due to the Terra unraveling, Kwon and five other people are subject to arrest in South Korea. His passport might be revoked by authorities, in which case he’d theoretically need to travel back to Seoul within 14 days of getting the notice.
His Singapore employment pass is set to expire on December 7 and a new pass application is now being reviewed, according to public documents.